The key super rates and thresholds for the 2024—25 financial year are outlined below:
| Applies to | 2023-24 | 2024-25 | |
|---|---|---|---|
| Super Guarantee (SG) rate | OTE salary | 11% | 11.5% |
| SG | Maximum SG contributions base salary (quarterly) | $62,270 | $65,070 |
| Concessional contributions cap | Employer contributions including salary sacrifice (and NTC for defined benefits) | $27,500 | $30,000 |
| Division 293 tax threshold | High-income earners | $250,000 | $250,000 |
| Non-concessional contributions cap | Personal after-tax contributions | $110,000 | $120,000 |
| Non-concessional contributions bring-forward cap | If eligible, the ‘bring-forward’ arrangement allows you to bring forward the equivalent of 1 or 2 years of your annual cap from future years | $330,000 | $360,000 |
| Transfer balance cap1 | Lifetime cap for superannuation balance that can be transferred into a tax-free pension | $1,900,000 | $1,900,000 |
| Low rate cap on lump sum super payments2 | The amount of the taxable component of a super lump sum benefit that you can receive at a lower (or nil) tax rate. Applies to members who have reached preservation age but are under 60. | $235,000 | $245,000 |
| Government co-contributions | Maximum co-contribution | $500 | $500 |
| Matching rate | 50% | 50% | |
| Lower-income threshold | $43,445 | $45,400 | |
| Higher-income threshold | $58,445 | $60,400 |
Minimum annual withdrawal percentages for Retirement Income by age.
| Age and Minimum Drawdown rate % | 2024-25 |
|---|---|
| Under 65 | 4% |
| 65-74 | 5% |
| 75-79 | 6% |
| 80-84 | 7% |
| 85-89 | 9% |
| 90-94 | 11% |
| 95 or more | 14% |
¹ For individuals who have already started a superannuation-based pension account, your personal transfer balance cap will vary depending on the amount that has been transferred. Please refer to the ATO or seek financial advice to determine your personal transfer balance cap. Link to the ATO website: https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/retirement-withdrawal-lump-sum-or-income-stream/calculating-your-personal-transfer-balance-cap
² The low tax rate cap is reduced by any amount previously applied to the low rate threshold.
We acknowledge all First Peoples of the beautiful lands on which we live and work, and their enduring knowledge and connections to Country. We honour the wisdom of and pay respect to Elders past and present.